Gadang to buy land for RM56mil cash

PETALING JAYA: Gadang Holdings Bhd’s indirect unit, Gadang Construction Sdn Bhd, has entered into a sale and purchase agreement (SPA) with Nusvista Development Sdn Bhd to buy leasehold commercial land in Damansara Perdana in Petaling Jaya for RM55.7mil cash.

Gadang, in a filing with Bursa Malaysia said it bought the 2.66 acres of land for investment due to its strategic location within Damansara Perdana, and since it is likely to appreciate in value.

“The purchase consideration was arrived at on a willing buyer-willing seller basis after taking into consideration the market value of the land currently owned by Nusvista,” said Gadang. It would use internally-generated funds and/or bank borrowings to fund the purchase. The land would be bought free from all charges, liens, encumbrances or restraints and with legal possession, it added.

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